Business
Ollie’s Bargain Outlet Holdings, Inc. Reports Fourth Quarter and Fiscal 2019 Financial Results
~ Based on Market Study, Increases U.S. Store Opportunity to 1,050 Locations ~ HARRISBURG, Pa., March 19, 2020 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet
About this update from Ollie's Bargain Outlet Holdings, Inc.
[{"type":"text","content":"~ Based on Market Study, Increases U.S. Store Opportunity to 1,050 Locations ~\n HARRISBURG, Pa., March 19, 2020 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) today reported financial results for the fourth quarter and full-year fiscal 2019. Fourth Quarter Summary: Total net sales increased 7.2% to $422.4 million. Comparable store sales decreased 4.9% from a 5.4% increase in the prior year.The Company ended the year with a total of 345 stores in 25 states, a 13.9% year-over-year increase in store count. Operating income increased 4.3% to $64.6 million. Adjusted operating income(1) increased 3.6% to $64.1 million.Net income increased 0.8% to $50.3 million and net income per diluted share increased 1.3% to $0.77.Adjusted net income(1) increased 3.6% to $48.7 million and adjusted net income per diluted share(1) increased 4.2% to $0.74.Adjusted EBITDA(1) increased 2.4% to $69.3 million. John Swygert, President and Chief Executive Officer, stated, “In response to the coronavirus outbreak, our first priority is to ensure the safety of our team members and our customers. Currently, our stores remain open and our teams are working hard to serve our customers. As consumer buying behavior has shifted towards essential products, we are leveraging the agility of our buying team to hone in on these categories and to offer great deals. With the uncertainty in the environment, we have seen increased sales pressure in recent days, and, as such, we will not be providing fiscal 2020 guidance at this time. We are in a strong financial position, with no debt, and will continue to respond to ongoing changes in the environment by maintaining cost controls and managing our cash. We remain confident in the long-term fundamentals of our business model and, once we emerge from this crisis, we expect to once again deliver on our long-term growth algorithm.” Mr. Swygert continued, “The fourth quarter proved to be a more challenging sales period than we had anticipated. Our significant investment in toys impacted the performance of other important merchandise categories. Had we been more balanced in our merchandise assortment, and had a longer holiday season, we believe we would have delivered sales more in line with our expectations. However, we successfully managed our gross margin and controlled our expenses in the period despi...